State any one purpose for admitting a new partner in a firm. Post category:Accountancy Reading time:1 mins read SOLUTION When a firm requires more capital to expand its business, it may admit a new partner. Please Share This Share this content Opens in a new window X Opens in a new window Facebook Opens in a new window Pinterest Opens in a new window LinkedIn Opens in a new window Viber Opens in a new window VK Opens in a new window Reddit Opens in a new window Tumblr Opens in a new window Viadeo Opens in a new window WhatsApp Read more articles Previous PostGive the two main rights acquired by the new partner. Next PostState the ratio in which the old partners share the amount of cash brought in by the new partner as premium for goodwill. You Might Also Like A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/5th share. C brings Rs. 30,000 as capital and Rs. 10,000 as goodwill. At the time of admission of C, goodwill appeared in the Balance Sheet of A and B at Rs. 3,000. New profit-sharing ratio of the partners will be 5 : 3 : 2. Pass necessary Journal entries. August 1, 2022 What is Zero Coupon Bond’? September 29, 2022 Should the bank overdraft be included in current liabilities? October 3, 2022 Leave a Reply Cancel replyYou must be logged in to post a comment.
A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. They admit C into partnership for 1/5th share. C brings Rs. 30,000 as capital and Rs. 10,000 as goodwill. At the time of admission of C, goodwill appeared in the Balance Sheet of A and B at Rs. 3,000. New profit-sharing ratio of the partners will be 5 : 3 : 2. Pass necessary Journal entries. August 1, 2022